Standard corporate business expense reimbursement policy. It aims to:
a) Clarify the types of expenditures that are reimbursable by the Company.
b) Inform employees of their responsibilities relating to travel and entertainment.
c) Set out the process for filing and obtaining travel expenses and reimbursement.
It is the Company’s policy to reimburse employees for all expenses necessary, reasonable, appropriate and allowable for a valid business purpose to conduct the business of the Company. The policy provides criteria for determining an allowable or unallowable expense, and provides lists of common expenses. All employees bear responsibility for cost-effective business expenses. Further, it is the responsibility of the manager to be familiar with the reason for the expenditures and to be satisfied that they have been reported in a manner consistent with the policy. Non-adherence with policy include stringent disciplinary action which may even lead to termination.
While these guidelines are intended to be comprehensive, it is impossible to anticipate every situation encountered by an employee. The Employee is expected to:
a) Apply the policy on a conservative basis, carefully and judiciously.
b) Exercise sound judgment, in particular where the policy is silent.
c) Report all expenses promptly and accurately and provide documentation in support of the same.
The Company will not provide reimbursement for funds or non-monetary benefits provided to any foreign official or third party if there is a high likelihood that any part of the payment or benefit was provided for improper purposes or to gain improper influence or advantage in violation of the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act or equivalent legislations in other relevant jurisdictions.
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